The initial share sale of speciality chemicals company Aether Industries received 33 percent subscription on the first day of offer on Tuesday. Aether’s Initial Public Offer (IPO) got bids for 30,41,635 shares against 93,56,193 shares on offer, as per NSE data.
The portion for Retail Individual Investors (RIIs) was subscribed 42 percent, while Qualified Institutional Buyers (QIBs) got 36 percent subscription and non-institutional investors 5 percent. The IPO has a fresh issue of up to Rs 627 crore and an offer for sale of up to 28,20,000 equity shares.
Price range for the offer is at Rs 610-642 per share. On Monday, Aether Industries said it has raised a little over Rs 240 crore from anchor investors ahead of its initial share sale.
Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt.
Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.
(Edited by : Anand Singha)